Research On The Financing Constraint Of Small And Medium-sized Production Enterprises In China

China's film and television industry is in a critical period of transformation of a new round of industrial upgrading and development.Innovation and creative development of small and medium-sized production enterprises are the key to this round of development.However,China's small and medium-sized production enterprises are facing many problems,such as weak industry strength,information barriers to financial docking,vague risk of policy supervision,inadequate industry development norms and so on,which also brings about the financing development problems on small and medium-sized production enterprises,such as information asymmetry,income asymmetry,opacity of rules,difficulty in pricing risks and other financing constraints.This paper takes the domestic "new three-board" listed production enterprises as the research sample,combs the development thread of small and medium-sized production enterprises in China from the restructuring of state-owned production enterprises to the prosperity of network culture,and combines the relevant theories of capital opening of film and television industry,copyright financing and financing constraints,to carry out the scale,channels and modes of financing development of small and medium-sized production enterprises in China.This paper summarizes and analyses the related problems of financing constraints of small and medium-sized film enterprises,such as scale effect,regional distribution,profit structure,credit level and market fluctuation,and explores various reasons for financing constraints of small and medium-sized film enterprises,including enterprise credit construction,industry chain risk allocation,copyright investment and financing institutions,industry opacity risk,macro-Industrial financial environment and market transaction costs.The reasons for financing constraints of small and medium-sized production enterprises in various aspects.Through empirical tests,it is found that five indicators of small and medium-sized film production enterprises are significantly related to financing constraints,including the establishment period,net commercial credit,asset mortgage value,net interest rate of total assets,R&D density.Among them,the establishment period,asset mortgage value and asset-liability ratio are positively correlated,while the size of financial market,net interest rate of total assets,R&D density are negatively correlated with asset-liability ratio.Market size,interest expenditure rate,operating profit rate,operating income and total assets growth rate are not significant.Combining with the empirical conclusions,this paper puts forward some countermeasures and suggestions to alleviate the financing constraints of small and medium-sized film and television enterprises from the aspects of improving financing qualifications,enriching financial docking,liberalizing capital restrictions,doing well in copyright financing and reducing information asymmetry,including further opening up the investment and financing policy restrictions of film and television industry,improving the construction of investment and financing system to encourage copyright creation,and encouraging financial science and technology in small and medium-sized film and film enterprises.In order to alleviate the financing constraints of small and medium-sized film and television enterprises and promote the development of cultural industry in China,specific countermeasures such as the application of industry credit construction,the improvement of copyright protection system,the promotion of diversification of copyright profits and the encouragement and guidance of the rational distribution of credit risks in film and television industry are put forward.